Fidelity's stablecoin play, SEC vs CFTC split, Deluxe's $625M bet
The Big Story
Fidelity builds the reserve fund stablecoin issuers need now

The fund invests exclusively in eligible reserve assets permitted for stablecoin issuers under the GENIUS Act.

Daily Basis Take

GENIUS Act compliance just got a Fidelity-branded on-ramp — incumbent asset managers are positioning as critical stablecoin infrastructure before the law even passes.

Fidelity's GENIUS-aligned fund redraws who controls stablecoin reserve infrastructurePost this before your competitors do →
via The Block
Regulation Watch
CLARITY Act would split crypto jurisdiction between SEC and CFTC

The bill's decentralization test determines which regulator owns your token — founders need to read the classification criteria now, not after launch.

The CLARITY Act's decentralization test is the line every token issuer must plan aroundWarn your network →
via The Block
UK's PRA finalizes Basel 3.1 market risk model rules

The last piece of Basel 3.1 lands in the UK — banks using internal models for market risk face tighter calibration requirements that will pressure capital efficiency.

The PRA's final Basel 3.1 piece tightens the screws on bank internal risk modelsWarn your network →
via Bank of England
Money Moves
Elastic pays up to $85M for AI-powered bug detection startup
$85M

A three-year-old AI debugging startup exits to Elastic, signaling that observability platforms are buying AI reasoning layers rather than building them.

Elastic's DeductiveAI acquisition shows observability platforms buying AI reasoning, not building itAdd your angle →
via TechCrunch
Deluxe bets $625M that legacy payments still have runway
$625M

The chequebook company acquiring a modern payments processor is either a smart pivot or an expensive identity crisis — Celero's SMB base is the real asset here.

Deluxe's Celero deal tests whether legacy financial brands can buy their way into modern paymentsAdd your angle →
via Finextra
Quick Hits
EU Inc wants to make founding a European startup frictionless

EU Inc is pushing a unified legal entity to stop European founders from defaulting to Delaware — execution risk is high, but the regulatory arbitrage case is real.

EU Inc's push for a single European startup entity challenges Delaware's default status among global foundersYour network needs this →
via Sifted

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